China Rolls Out New Measures to Prop Up Ailing Property Sector as Growth Forecast Slows
• China implementing new measures to aid struggling property sector as economy forecasted to continue slowing • IMF predicts Chinese economy to grow 4.6% in 2023, down from 5.2% in 2022, and slow further to 3.4% by 2028 • Property market downturn has weakened economy, with housing starts down over 60% from pre-pandemic levels • Government expanding access to loans and financing to help developers recover from industry meltdown • New policies aim to increase supply of long-term rental housing to support rental market as home ownership rates already very high